Search results for: Quality of life
World Economics, March 2011
Price indexes are the most important of all economic indicators simply because they are the tool used to calculate the real size, speed and direction of all forms of economic activity. Price indexes are compiled almost everywhere, but with major differences in method and sampling procedures. Some methods and procedures have led to significant errors. Even in the case of a country as advanced as Japan, critics have calculated that imperfections in method have led to a rate of price inflation around 1.8% per year above the level a true cost of living index would have shown. Further research undertaken by World Economics has attempted to make estimates for changes in discounting and promotional practices at the retail level. The conclusion is that, in reality, the overestimation of price changes by the Japanese CPI in recent years may well have been in excess of 2% per annum, and could have been significantly more. Different CPI assumptions change economic growth estimates dramatically. Using World Economics estimates, adding in a minimum figure for marketing and retail changes seen in recent years suggests, contrary to official data, that Japanese consumption growth exceeded that of the US.
F. Gerard Adams, World Economics, December 2009
The Report of the Commission on Economic Performance and Social Progress considers the issues of establishing a broader measure of human well-being than the per capita GDP currently used. The report evaluates the possibilities for expanding the GDP concept and other measures of well-being, and for evaluating sustainability. The Commission recognises that it will not be possible to rely on one measure, recommending the use of a dashboard of various measures, including adjusted net saving.
Horst Zimmermann, World Economics, September 2000
This is a reply to Giles Atkinson’s article ‘Re-thinking Economic Progress’ that appeared in the first issue of World Economics (Vol. 1, No. 1, January – March 2000). Atkinson discussed proposals for the construction of ‘green’ alternatives to Gross Domestic Product (GDP). In the same issue, Amanda Rowlatt in her article ‘Extending the UK National Accounts’, discussed the role of ‘satellite accounts’, including measures of effects on the environment. Professor Zimmermann’s contention is that the concept of a ‘green GDP’ would lead to a one-sided measure which cannot be used for the many purposes for which normal GDP as a comprehensive measure can be used. A GDP corrected for depletion of environmental stocks would have to be supplemented by one corrected for changes in human capital, another one dealing with health capital, etc. Completing the set leads to the older concept of Net Economic Welfare or something similar. Only this would again be a comprehensive measure and could replace GDP.
Amanda Rowlatt, World Economics, March 2000
The national accounts measure economic activity. The UK is developing "satellite accounts" which use the framework of the national accounts but aim to quantify other aspects of living standards. This article starts by comparing satellite accounts with the use of indicators to measure the quality of life. It then reports on progress with the UK environmental accounts, and with the household accounts, which measure the productive unpaid work done in the home. It concludes with a discussion of the scope for developing a wider range of satellite accounts for the UK.
Giles Atkinson, World Economics, March 2000
Most national governments have pledged a commitment to sustainable development. The transformation of these pledges into policy is a formidable challenge. Of particular interest are proposals for the construction of green alternatives to Gross Domestic Product (GDP), which it is hoped will provide policy-makers with a consistent and summary signal of "true" trends in the economy both now and into the future. This paper reviews the green accounting debate over the past decade. the author argues that, while initial expectations have, at times, been overstated, there are encouraging signs for policy-makers attempting to make sense of their commitments to sustainable development. One such indication is the increasing emphasis on improved measures of saving, providing a better link between actions in the present and their implications for the future.
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